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Power Summary at European Close: French-German Discount Widens to 13-Day High

POWER

The French front-month baseload power contract has widened its discount to the German equivalent to its highest since 2 May as France has been weighed down by limited demand for electric cooling and above-normal nuclear availability. The TTF June contract has also flipped into negative territory adding further downward pressure.

    • France Base Pwr M1 down 8.18% at €37.50/MWh.
    • Germany Base Pwr M1 down 0.82% at €65.18/MWh.
    • Nordic Base Pwr M1 down 6.89% at €32.59/MWh.
    • TTF Gas M1 down 0.20% at €29.61/MWh.
    • Rotterdam Coal M1 up 1.2% at $108/t.
    • EUA DEC 24 down 1.08% at €69.46/t CO2e.
    • The French M1 discount to German M1 is at -€27.68/MWh at the time of writing.
  • The German M1 has been broadly stable on the day amid high renewables output and mild weather. Declines in European carbon allowances, muted demand have also placed downward pressure.
  • Luxembourg-based glass and metal producer Ardagh Group has entered into a long-term solar PPA with German firm Sunnic Lighthouse, Ardagh said.
  • Nordic hydro stocks over 6-12 May (week 19) continued their climb from the previous week to increase the fastest for any week so far this year, with reservoir levels rising in all Nordic countries.
  • Average net Norwegian-UK power flows have reached a yearly high so far in May, climbing by around 70% on the month as hydro and onshore wind output in Norway has remained strong, according to data from Entso-E.
  • Finnish nuclear plant operator Teollisuuden Voima Oyj (TVO) has extended the outage at its 1.6GW Olkiluoto 3 (OL3) nuclear power plant to 16 May, latest Remit data show.
  • The Italian Ministry of Environment and Energy Security (MASE) has approved the 600MW Elmed interconnector between Italy-Tunisa, according to MASE.
  • Italy’s Edison has signed a solar PV PPA with Chiron Energy for the duration of ten years, Edison said.
  • French telecommunications firm Orange has signed a 15-year PPA for power delivered from developer ZE Energy’s 77MW solar power plant in France, according to Orange.

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The French front-month baseload power contract has widened its discount to the German equivalent to its highest since 2 May as France has been weighed down by limited demand for electric cooling and above-normal nuclear availability. The TTF June contract has also flipped into negative territory adding further downward pressure.

    • France Base Pwr M1 down 8.18% at €37.50/MWh.
    • Germany Base Pwr M1 down 0.82% at €65.18/MWh.
    • Nordic Base Pwr M1 down 6.89% at €32.59/MWh.
    • TTF Gas M1 down 0.20% at €29.61/MWh.
    • Rotterdam Coal M1 up 1.2% at $108/t.
    • EUA DEC 24 down 1.08% at €69.46/t CO2e.
    • The French M1 discount to German M1 is at -€27.68/MWh at the time of writing.
  • The German M1 has been broadly stable on the day amid high renewables output and mild weather. Declines in European carbon allowances, muted demand have also placed downward pressure.
  • Luxembourg-based glass and metal producer Ardagh Group has entered into a long-term solar PPA with German firm Sunnic Lighthouse, Ardagh said.
  • Nordic hydro stocks over 6-12 May (week 19) continued their climb from the previous week to increase the fastest for any week so far this year, with reservoir levels rising in all Nordic countries.
  • Average net Norwegian-UK power flows have reached a yearly high so far in May, climbing by around 70% on the month as hydro and onshore wind output in Norway has remained strong, according to data from Entso-E.
  • Finnish nuclear plant operator Teollisuuden Voima Oyj (TVO) has extended the outage at its 1.6GW Olkiluoto 3 (OL3) nuclear power plant to 16 May, latest Remit data show.
  • The Italian Ministry of Environment and Energy Security (MASE) has approved the 600MW Elmed interconnector between Italy-Tunisa, according to MASE.
  • Italy’s Edison has signed a solar PV PPA with Chiron Energy for the duration of ten years, Edison said.
  • French telecommunications firm Orange has signed a 15-year PPA for power delivered from developer ZE Energy’s 77MW solar power plant in France, according to Orange.